What is atal pension yojana

What is Atal Pension Yojana scheme?

Atal Pension Yojana (APY), a pension scheme for workers in the unorganised sector like personal maids, drivers, gardeners etc, was launched in June 2015 by the government. … APY aims to help these workers save money for their old age while they are working and guarantees returns post retirement.

Who is eligible for Atal Pension Yojana?

The Atal Pension Yojana can be availed by all Indian citizens aged between 18 to 40 years. To have an APY account a person must have a saving account either with a bank or with post office of India. Any APY subscriber, who is 18-year-old, needs to contribute Rs 42 to Rs 210 per month.

Is Atal Pension Yojana good?

Atal Pension Yojana Overview

This co-contribution by the Government will hold good for a maximum of 5 years. You can get a fixed pension ranging from Rs. 1000 to a maximum of Rs. 5000/month by investing through this scheme.

Which bank is best for Atal Pension Yojana?

Axis Bank’s

Can I withdraw money from APY?

The monthly pension limit in APY is Rs 1,000 to a maximum of Rs 5,000 which starts from age 60 of the subscriber. However, if you want to close the APY account before maturity, you can do so. … The voluntary exit from APY can be done anytime before the age of 60 and the refund will come to one’s savings account.

How do I check my APY balance?

On the website

  1. Visit https://www.npscra.nsdl.co.in/scheme-details.php.
  2. Click on APY e-PRAN/Transaction Statement View. …
  3. Choose ‘With PRAN’ or ‘Without PRAN’.
  4. If you have chosen the ‘With PRAN’ option, you will be required to enter your PRAN and bank account number. …
  5. Choose: APY e-PRAN View or Statement of Transaction View.
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Is Atal Pension Yojana tax free?

Contributions made by an individual under the Atal Pension Yojana are eligible for the deductions under section 80CCD of the Income Tax Act, 1961. Maximum deduction allowed under section 80CCD (1) of the Income Tax Act, 1961 is 10% of gross total income subject to maximum deduction of Rs.

How can I apply for PM Pension Yojana?

To apply for an account under this scheme, one is required to visit his/her nearest CSC. Do remember to take along your documents, i.e., Aadhaar card, passbook of your bank account and mobile, with you. Ensure that the IFSC code is printed on your savings account passbook.

Can a govt employee open Atal Pension Yojana?

Atal Pension Yojana (APY) is a Government run pension scheme open to all citizens of India mainly focusing on the unorganised sector. … Subscribers can opt for a monthly pension which could be 1000, 2000, 3000, 4000 or 5000 rupees, which will start after the age of 60 years.

Which is better NPS or Atal pension?

Yes, an individual can enroll under both National Pension Scheme and Atal Pension Yojana at the same time. Is it better to invest in NPS? The investment decision varies from person to person as Atal Pension Yojana offers guaranteed returns while NPS does not offers guaranteed returns, but market linked returns.

What is the maximum pension amount in APY?

The maximum pension limit of Rs 5000 for an individual puts off many interested potential subscribers. However, increasing this limit to Rs 10,000 can certainly boost the popularity of the scheme fast. The hike in maximum limit to Rs 10,000 has been a long-pending proposal of the pension regulator.

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Can husband and wife both take APY?

This means more than one member of the same family can apply for APY. The starting age to apply for APY is 18. Starting at this age, one can get a guaranteed pension of Rs 5000 per month by investing just Rs 210 per month till the age of 60. Even married couple aged below 39 years can apply for the scheme separately.

How can I deposit money in my Atal Pension Yojana?

How to Subscribe for Atal Pension Yojana (APY)

  1. Login to ICICIBank.com.
  2. Click on Customer Service.
  3. Click ‘Service Request’
  4. Click on “Enroll for Atal Pension Yojana” from “Bank Accounts” section.
  5. Fill-in all the required details.
  6. The Atal Pension Yojana Account will be activated within 1 working day.

How can I get APY in SBI?

Subscription to Atal Pension Yojana From SBI

To open a SBI Atal Pension Yojana Scheme, walk into the nearest branch of SBI and ask for the Subscriber Registration Form. By providing Atal Pension Yojana form along with the required documents, you will be able to open an account and start making monthly contributions.

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